Stock Markets React to Trump's Tariff Decision

In a dramatic turn of events, the Dow Jones Industrial Average fell more than 670 points after President Donald Trump announced a significant increase in tariffs on steel and aluminum imports from Canada. This move, raising duties from 25% to 50%, has intensified the trade tensions between the United States and Canada.

US-Canada Relations Worsen

The situation escalated further when the Premier of Ontario threatened to cut electricity supplies to the US, prompting a strong response from President Trump. He warned that Canada would face a "big financial" price for using electricity as a bargaining chip in this trade dispute.

Market Impact

At 11:56 am ET, the Dow Jones was down 1.58%, with significant losses from major companies like Verizon Communications and Apple. The Nasdaq 100 and S&P 500 also saw declines. Meanwhile, the euro strengthened against the dollar, trading at $1.09276 at 11:58 am ET.